Correlation Between Tidal ETF and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Tidal ETF and Segall Bryant at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Tidal ETF and Segall Bryant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tidal ETF Trust and Segall Bryant Hamill, you can compare the effects of market volatilities on Tidal ETF and Segall Bryant and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Tidal ETF with a short position of Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tidal ETF and Segall Bryant.
Diversification Opportunities for Tidal ETF and Segall Bryant
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tidal and Segall is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Tidal ETF Trust and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill and Tidal ETF is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Tidal ETF Trust are associated (or correlated) with Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Tidal ETF i.e., Tidal ETF and Segall Bryant go up and down completely randomly.
Pair Corralation between Tidal ETF and Segall Bryant
Given the investment horizon of 90 days Tidal ETF is expected to generate 1.62 times less return on investment than Segall Bryant. But when comparing it to its historical volatility, Tidal ETF Trust is 1.04 times less risky than Segall Bryant. It trades about 0.24 of its potential returns per unit of risk. Segall Bryant Hamill is currently generating about 0.38 of returns per unit of risk over similar time horizon. If you would invest 3,087 in Segall Bryant Hamill on September 1, 2024 and sell it today you would earn a total of 237.00 from holding Segall Bryant Hamill or generate 7.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Tidal ETF Trust vs. Segall Bryant Hamill
Performance |
| Timeline |
| Tidal ETF Trust |
| Segall Bryant Hamill |
Tidal ETF and Segall Bryant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tidal ETF and Segall Bryant
The main advantage of trading using opposite Tidal ETF and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tidal ETF position performs unexpectedly, Segall Bryant can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Segall Bryant will offset losses from the drop in Segall Bryant's long position.| Tidal ETF vs. Franklin Templeton ETF | Tidal ETF vs. Altrius Global Dividend | Tidal ETF vs. Invesco Exchange Traded | Tidal ETF vs. Franklin International Core |
| Segall Bryant vs. FT Vest Equity | Segall Bryant vs. Northern Lights | Segall Bryant vs. Dimensional International High | Segall Bryant vs. Matthews China Discovery |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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